Broadcom vs Nvidia

  • Nvidia has faster growth from a larger base, driven by buyer breath.
  • Nvidia has larger operating leverage.
  • Nvidia has stronger pricing power and cost pass through.
  • Nvidia is also more supplier-resilient.
  • Broadcom's customer concentration is increasing while NVIDIA's is decreasing.
  • Cost structures are similar.
  • Downside beta: Broadcom breaks first, NVIDIA breaks deeper.
  • Market share: Broadcom is taking share from merchant GPU in aggregate while donating share inside its own largest programme. NVIDIA is donating aggregate accelerator share while taking networking share.
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